The two partners have entered into an agreement to develop a 200 acre industrial park in Sriperumbudur in Chennai. The land is owned by Brookfield. BENGALURU: Private equity player Brookfield Asset Management has picked up 80 per cent stake in an upcoming industrial park being developed by Bengaluru-based realty developer Embassy Group for an undisclosed sum.

The two partners have entered into an agreement to develop a 200 acre industrial park in Sriperumbudur in Chennai. The land is owned by Brookfield. "The deal was closed recently and Brookfield Asset Management holds 80 per cent stake in the upcoming park," said a person having direct knowledge of the deal.

This is Brookfield's first investment in an industrial park in India. Anshul Singhal, CEO at Embassy Industrial Parks, a recently-floated subsidiary of Embassy Group, confirmed the transaction but refused to share the money both partners will invest. Brookfield declined comment on the transaction.

The build-to-suit industrial and warehousing park is expected to be completed over the next three years. It will have a total built up space of over 3 m sq ft. Embassy Industrial Parks will undertake development of industrial and logistic parks across the country.

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The unused Input Tax Credit (ITC) on goods and services lying with the property developers as on March 31 will be reversed for under-construction properties since the ITC stands to lapse from April 1 for such houses.